Malaysia's Top Glove cuts target Hong Kong listing proceeds to HK$3.68b

[KUALA LUMPUR] Malaysian glove maker Top Glove Corp has slashed the amount it aims to raise from its planned Hong Kong listing to HK$3.68 billion (S$637.4 million), less than a quarter of its initial target, it said in a resubmitted listing application.

A stock exchange filing showed on Thursday (Oct 28) that China International Capital Corporation Hong Kong Securities Limited has resubmitted the application to HKEX on behalf of the world's largest glove producer.

"After taking into account the prevailing share price of the company and the funding requirements of the group, the board has resolved to revise the proceeds to be raised from the proposed issuance of new shares," it said, adding that there was no change to the offering size.

The company could raise about HK$4.24 billion if the over-allotment option is fully exercised, it said.

REUTERS